New Zealand Gazette – 2003 – No. 129

Page 3470

✨ Financial Statements



SCANPOWER LIMITED - LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2003

2003 2002
$'000 $'000
Income tax charge for the year comprises:
Current taxation (liability) (192) 147
Deferred taxation 285 89
93 236

Deferred Tax Asset / (Liability):

2003 2002
$'000 $'000
Opening balance 59 148
Prior period adjustment (146) 0
Undergrounding deferred tax adjustment (139) (89)
Current year movement
Closing balance (226) 59

Imputation Credit Account:

2003 2002
$'000 $'000
Opening balance 526 495
Tax paid during the year 158 50
Tax refunds during the year 0 0
Resident withholding tax paid 0 0
Credits attached to dividends paid (37) (19)
Closing balance at end of the year 647 526

Note 3: Retained Earnings and Reserves

Retained Earnings

2003 2002
$'000 $'000
Balance at the beginning of the year (2,521) (2,617)
Net surplus for the year 189 96
Dividends paid and proposed (75) 0
Balance at end of the year (2,407) (2,521)

Reserves

| Asset revaluation reserves: |
| Freehold land | 14 | 14 |
| Freehold buildings and fixtures | 32 | 32 |
| Balance at end of the year | 46 | 46 |

Note 4: Receivables and Prepayments

2003 2002
$'000 $'000
Trading debtors 419 391
Estimated doubtful receivables 0 0
GST clearing account 59 23
Miscellaneous prepayments 8 7
Accruals 0 1
486 422

The Company incurs credit risk from transactions with trade receivables and financial institutions in the normal course of its business. The Company has a credit policy which restricts the exposure to individual trade receivables and the Board of Directors reviews exposure to trade receivables on a regular basis. Where there is a



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 129


Gazette.govt.nz — PDF NZ Gazette 2003, No 129




✨ LLM interpretation of page content

🏭 ScanPower Limited Financial Statements for 2003 (continued from previous page)

🏭 Trade, Customs & Industry
31 March 2003
Financial Statements, Income Tax, Deferred Tax, Imputation Credit, Retained Earnings, Reserves, Receivables